the Lagos Chamber of Commerce and Industry has signed a memorandum of understanding with Oxford Business Group on its plans to drive Nigeria’s non-oil growth.
The OBG, an advisory and research firm, will capture the concrete efforts of the government in driving the non-oil exports in its forthcoming publication, The Report: Nigeria 2020. Under the agreement, the LCCI will help to produce The Report: Nigeria 2020 and other content that will be made available across the group’s platforms.
According to a statement by the OBG, the new report will beam a spotlight on the sectors of Nigeria’s economy that are ripe for investment as the country steps up its bid to reduce its reliance on oil revenues.
A statement from the both the LCCI and OBG read, “The Report: Nigeria 2020 will highlight the key role that an infrastructure drive planned for the agricultural, manufacturing and service industries is expected to play in attracting new investors and boosting inflows.
“It will also examine the country’s efforts to develop the green energy segment, which is being primed to play a pivotal part in boosting power provision.
The report will chart the transformation that has taken place in Nigeria’s telecommunications sector and the many ways in which other industries have been able to harness the introduction of new technologies for their own development.
“Readers will also find detailed coverage of the measures implemented to enhance Nigeria’s business climate, which have helped to reduce delays for start-ups and taken key processes online. In addition, OBG will consider the issues that remain a challenge for investors, with power supply problems and weak physical infrastructure high on the list.”
The LCCI Director-General, Muda Yusuf, said the organisation was delighted to team up with OBG for its forthcoming report and ensuring investors were kept informed of the latest developments in Nigeria’s evolving economy.
He said, “Despite being a key regional player and the largest economy in Africa, Nigeria has historically struggled to provide investors with the up-to-date, reliable business intelligence they need to make informed decisions.”
“As a market leader, Oxford Business Group has played a key role in filling this void since launching its operations here, furnishing representatives from both the private and public sectors with extensive, accurate data and analysis on the rapidly changing domestic economic landscape. I look forward to working with its team on their exciting new project and sharing the results with the global investment community.”
Welcoming the LCCI on board, OBG’s country director for Nigeria, Christophe Bonami, agreed that these were exciting times for Nigeria, as the country looked to bridge infrastructure gaps, encourage innovation and galvanise growth outside of the oil sector.
“The Lagos Chamber of Commerce and Industry has long been a driving force on the city’s business scene, with its efforts to promote trade and commerce, encourage investment and support entrepreneurial activity delivering positive results both locally and nationally,” he said.
“I’m thrilled that our team will benefit from the expertise and experience that its members will bring to our research as we prepare to chart the next chapter of Nigeria’s fascinating growth story.”
He said the report would mark the culmination of more than 10 months of field research by a team of analysts from OBG and would be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments.